Delta Petroleum Corporation (Nasdaq: DPTR - News), an independent oil and gas exploration and development company, today announced the closing of its underwritten registered public offering of common stock.
Delta sold 172.5 million shares of its common stock at a public offering price of $1.50 per share, including 22.5 million shares purchased by the underwriters upon the exercise of their over-allotment option. J.P. Morgan Securities Inc., BMO Capital Markets Corp. and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Several of Delta's existing stockholders, including Tracinda Corporation, participated in the offering.
The offering resulted in aggregate net proceeds to Delta of approximately $247.3 million. Delta intends to use at least $70.0 million of the net proceeds to reduce amounts outstanding under its credit agreement, and the balance for working capital, primarily for reduction of accounts payable.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment